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29 Dec 2017
Lise the table below to answer the following question. Table 11.2.4 Number of Workers Total Product (baskets of corn) 17) Refer to Table 11.2.4. The table gives the total product schedule of workers who harvest corn. Diminishing marginal returns begin when the i s hired. A) 1st labourer. B) 2nd labourer. c) 3rd labourer. D) 4th labourer. E) There are no diminishing marginal returns since total product always rises.
Lise the table below to answer the following question. Table 11.2.4 Number of Workers Total Product (baskets of corn) 17) Refer to Table 11.2.4. The table gives the total product schedule of workers who harvest corn. Diminishing marginal returns begin when the i s hired. A) 1st labourer. B) 2nd labourer. c) 3rd labourer. D) 4th labourer. E) There are no diminishing marginal returns since total product always rises.
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Related textbook solutions
Related questions
| First scenario: output price is given | ||||||||
| The table (below) gives the total output, per hour, for anywhere from 0 to 17 workers. | ||||||||
| You need to determine how many workers should be hired at five different wage rates, ranging from $13/hour up to $25/hour. The wage rate includes all relevant benefits. To get to this answer you will need to calculate the marginal product of labor and the marginal revenue product of labor. You will be entering the values you obtain for the boldy outlined celles into the Moodle submission area. | ||||||||
| Cost of the other (non-labor) inputs that go into a case (and would need to be increased if more labor was hired and output increased) = | $13.00 | |||||||
| Price received per case = | $15.00 | |||||||
| Marginal product of labor is the change in total product when labor is increased by one. | ||||||||
| Marginal Revenue Product (net of the cost of the other required inputs), when the output price is fixed) equals marginal product times the ((fixed) output price -$13) | ||||||||
| Please note: A few of the table values are filled in. Use these to determine if your approach to the problem is correct. | ||||||||
| Number of workers | Total product | Marginal product of labor | Marginal Revenue Product (net of the cost of the other required inputs) | |||||
| 0 | 0 | |||||||
| 1 | 10 | 10 | ||||||
| 2 | 21 | 11 | $22.00 | |||||
| 3 | 33 | 12 | $24.00 | |||||
| 4 | 46 | 13 | $26.00 | |||||
| 5 | 60 | 14 | $27.00 | |||||
| 6 | 75 | 15 | $30.00 | |||||
| 7 | 91 | 16 | $32.00 | |||||
| 8 | 106 | 15 | $30.00 | |||||
| 9 | 120 | 14 | $28.00 | |||||
| 10 | 133 | 13 | $26.00 | |||||
| 11 | 145 | 12 | $24.00 | |||||
| 12 | 156 | 11 | $21.00 | |||||
| 13 | 165 | 9 | $18.00 | |||||
| 14 | 172 | 7 | $14.00 | |||||
| 15 | 177 | 5 | $10.00 | |||||
| 16 | 179 | 2 | $4.00 | |||||
| 17 | 179 | 0 | $0.00 | |||||
| Using the information from above, fill in the following 'derived demand' schedule: | ||||||||
| Hourly wage | Number of workers to maximize profits | |||||||
| $13.00 | 15 | |||||||
| $17.00 | 13 | |||||||
| $21.00 | 12 | |||||||
| $23.00 | 11 | |||||||
| $25.00 | 10 | |||||||
